An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

When can employers check your credit?

Your credit history can have a significant impact on things that have nothing to do with loans and credit cards. Companies often request to see your credit history when you set up utilities for your home, apply for an apartment, request an insurance quote or apply for a job.

That last one makes a lot of people nervous -- what does someones credit history have to do with whether or not theyd make a good employee? In many cases, it has nothing to do with it, which is part of the reason most hiring mangers dont do employee credit checks, according to a survey from the Society for Human Resource Management. In 2012, when the group most recently surveyed hiring managers on the topic, 53% of organizations...

Applying for reverse mortgages will get tougher

Reverse mortgages always have been different: Theyre available only to those 62 and older who have equity in their homes that they want to convert into cash. There are no repayments required until the borrower sells the house, moves out or dies. Loan recipients main responsibilities are to keep current on local property taxes, pay hazard insurance premiums and keep the place in reasonable condition.

The Federal Housing Administration has run the dominant insured reverse mortgage program in the country for three decades and has been relatively easygoing when it comes to underwriting. If you qualified on age and equity, youve pretty much had a good shot at getting a loan.



Raiffeisenbank extended 1600 mortgages worth CZK 3.2bn

Raiffeisenbank extended almost 1,600 mortgages worth CZK 3.2bn to its clients in Q1 2015, up 18% for the no. of extended loans and 22% for the total financial value. The average mortgage exceeded CZK 2m. Product manager Jan Bures has stated that almost half of the mortgages are arranged with five-year fixation terms. The share of three-year fixations dropped to 28.5% and the share of variable interest rates decreased to 3.5%.

Source: www.cianews.cz



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